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In the 1980s, Davies explains super was largely a corporate matter;
employers chose the scheme and ran it though either a life insurance
company like MLC or an employee benefits administrator like Noble Lowndes
or Mercer. Then, through the 90s, the industry began to consolidate, with
corporate schemes beginning to fold into retail master trusts and industry
funds.
Legislative changes in the 2000s brought in a new era of advice and
financial planning and Davies joined BT Financial Group to work in its rapidly
expanding financial planning and distribution business.
GFC A TURNING POINT
“When the GFC happened in 2008, it was a telling time for everyone and
we all questioned how well we were meeting the customer’s needs long
term. Every business was looking for how to best support customers through
difficult times.”
By “happy coincidence”, a role in the not-for-profit world at UniSuper
came along. Davies took over a number of functions at the fund in May
2009, mainly around servicing membership and employer universities.
“I learnt a lot about the culture and challenging environment of not for
profit; it was a significant cultural shift from retail to industry fund, but I liked
feeling closer to the member, and also the diversity of legal, marketing and
operational skills I could use within a smaller team.”
Davies replaced Martin Crowe as CEO at TelstraSuper in 2013. A well-
rounded leader who values diversity, Davies finds it both challenging and
refreshing at TelstraSuper to be “offering leadership on technology one
minute, then people and culture, then investment, then financial planning
the next. The places I have worked have always had a legal group to deal
with the complex legislation involved in super, as we do here with seven
lawyers, which is virtually a small law firm.”
STRONG RETURNS
TelstraSuper’s funds under management have grown from $13 billion to
$18.5 billion during Davies’ tenure. He was at the helm when the fund took
out a major coup for its size in 2015, winning SuperRatings Fund of the Year,
Best Balanced Return for 2010–2015 and 2015 Conexus Chief Investment
Officer of the Year, although that CIO, Jim Christensen, has since moved on
to QIC.
TelstraSuper returned 11.9 per cent for its growth option for the 12
months to January 2017 and 13.3 per cent on international shares. It also
earned a place in SuperRatings’ Top 10 Capital Stable performers for five
years to 30 June 2016 and a 10-year SuperRatings Platinum rating.
Strong project management and team culture are the highlights of his
achievements at TelstraSuper, says Davies. He sings his board’s praises,
particularly of chairman David Leggo.
“David is a huge contributor to the fund and the broader industry. He is
an outstanding chair and one of the reasons I took this job. He also chairs
the fund’s investment committee and challenges everyone with his depth of
knowledge on investment matters and attention to detail.”
“We employ 220 people at TelstraSuper, 26 of them interstate, which
is a relatively small team compared to the major super funds and retail
organisations with whom we now compete. For our size, to deliver at a high
level we have to be a tight team, very focused and supportive of each other.”
TelstraSuper manages its own member administration, marketing, as well
as the in-house management of 28 per cent of TelstraSuper funds.
“It’s all about teams performing at multiple levels to achieve goals through
a clear strategy that is well communicated, and links back to each individual
role,” says Davies.
“Half of our board is appointed by the ACTU and half by Telstra; the board
works in a unified fashion for the benefit of our members and cooperatively
with our staff. We definitely draw on the individual expertise of our directors
in running the fund and developing our strategy.”
Superfunds March 2017